The affordability of rental housing has been a pressing topic in Ontario, and particularly in the Greater Toronto Area. In fact, reports of rampant rent increases and other predatory rental practices have prompted the province to take action, unveiling new rent controls as part of the new Fair Housing Plan, announced on April 20.
This new legislation effectively caps the rate of rental increases for all buildings, regardless of when they were built (previously, only buildings dating before 1991 were subject to rent control), as well as new tax and rebate incentives for building developers and greater protections for renter rights.
The changes, especially for apartment rentals in Toronto, have received a mixed reaction; while consumer and renter groups applaud the protections, industry analysts are concerned adding rent controls could actually have the opposite of their intended effect, further shrinking supply and promoting shoddy landlord practices.
To summarize how these new rent rules may impact the market, our friends at rental search resource RentSeeker.ca have compiled the changes in a new infographic: Summarizing Ontario’s New Rent Rules and Fair Housing Plan. Check it out below: